Videocon brings first Indian CB in five months

Indian conglomerate Videocon prices the five-year deal with a 6.75% coupon and a 3% conversion premium.

Videocon Industries, an Indian conglomerate with businesses ranging from consumer electronics and home appliances to mobile communications and oil production, on Thursday raised $200 million from the sale of five-year convertible bonds.

This is the first CB by an Indian issuer since early July when Shiv-Vani Oil Gas Exploration Services sold $80 million worth of five-year bonds. But this deal was in the making even before that with the company getting shareholder approval for the fundraising on June 22. Indeed,...